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April 10, 2009
A homebuilder pleaded guilty to a mortgage fraud scheme that inflated the sales prices of homes he built so that he could kickback some of the money to the buyer.
Jerry R. Emerick, 39, admitted to running the scheme with a real estate agent on 25 homes in an upscale neighborhood. His business Ty Construction and Residential Contracting LLC, was also charged. The buyers also provided false information in the $12.6 million mortgage fraud conspiracy.
Emerick's attorney said his client accepts responsibility, regrets his actions and is cooperating with the authorities.
Read story at Kansas City
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